Whether you are a business owner, homeowner, or both in South Carolina, you have assets that you need to protect. Make sure that you have an umbrella insurance policy that will save you in the event of a lawsuit personally or with your business.
This liability insurance policy is used to supplement your standard liability policies. If applicable, you can add it to your home, business, or both. Remember that it is only used when you have exhausted your standard insurance liability policy and then will step in and cover the rest. When you use your umbrella insurance policy, you avoid selling your assets to pay these damages.
If you are found guilty of damages and required to pay back a large sum, some assets can be frozen and sold until you have paid back the balance. These assets include the following:
Anything you own outright that can be sold and generate an income is considered an asset. Everything you have worked for can be frozen and sold much quicker than it took you to earn it all. Unfortunately, those without an umbrella insurance policy find themselves in this position.
If you consider a policy, make sure it is large enough to cover all of your assets. Whatever the total value of your assets is currently, you want to make sure that your umbrella insurance policy is at least that much. In addition, take your current income and multiply by at least ten years minimum. This will also protect any future income that you have.
At D4Insurance, we are happy to assist you with your umbrella insurance needs.
